1) Hard Money is FAST!
Flipping houses is a time sensitive business. The faster you can close, the more of an advantage you have over the competition. Real Estate Guru Ron Legrand says You Can’t steal in slow motion, which means you need to work FAST when you come across a good deal or someone else will steal in out from under you. Depending on how fast you submit the loan package, you can have your loan in several days to several weeks. It is always a good idea to get pre-approved with your hard money lender so the only thing needed is the property information.
Traditional financing can take One to Three months, so using hard money gives you a huge advantage over investors using traditional financing.
2) Hard Money Looks At The Value of the Asset – Not You:
Hard money lenders are not interested in your credit score. They are interested in how much value they see in the property since the property is the asset that is backing the loan.
3) Hard Money is Everywhere:
Hard money lenders are often people who have funds parked in lower-yielding financial vehicles like CD’s, stocks or IRA’s and are looking for newer ways to maximize their funds in higher yielding conduit like lending on real estate.
4) Hard Money is Creative:
With hard money, you can get funding on great deals that banks would normally shun. Promising investment properties that are in need of repairs make them unsuitable for most bankers, but are perfect for most hard money lenders.
5) Hard Money is Flexible:
Hard money lenders don’t have the same strictly-enforced guidelines to follow for loan applications and underwriting, so they are more willing to help creatively structure loans that fork for the individual project.
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